New Research Reveals More CROs Taking Action to Meet Urgent Need for Faster Clinical Trials

Rhea-AI Summary

The Veeva Unified Clinical Operations Survey reveals that 90% of contract research organizations (CROs) are enhancing clinical trial efficiency through digital strategies. The COVID-19 pandemic accelerated these changes, prompting CROs to eliminate information siloes and streamline operations. Key improvements include a 70% adoption of electronic Trial Master File applications, reflecting a significant increase since 2014. These advancements aim to tackle delays, particularly in study start-up processes, promoting faster and more precise clinical research.

Positive

• 90% of CROs are initiating major projects to unify clinical operations.
• 70% of CROs utilize eTMF applications for improved collaboration and efficiency.

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• None.

Contract research organizations (CROs) are making significant advancements to modernize and speed clinical trials, according to the latest Veeva Unified Clinical Operations Survey: Annual CRO Report. COVID-19 dramatically accelerated the need to execute faster and with greater precision than ever before. Findings from Veeva Systems (NYSE: VEEV) show CROs have taken decisive action to streamline trial execution by adopting new digital strategies and technologies that eliminate information siloes, replace manual processes, and enable trial collaboration.

Nearly all CROs surveyed (90%) have major initiatives underway to unify clinical operations, a lynchpin to faster, more efficient research. The efforts to unify extended beyond CROs’ internal systems and processes. Streamlining collaboration and information sharing with research sites and sponsors was consistently cited by CROs as one of the highest priority areas overall and a key driver for the modernization efforts underway.

In addition to measurable progress end-to-end, the report also shows CROs are optimizing in each clinical area. Collaboration and purpose-built technology are a major focus for CROs in addressing the lag in study start-up, one of the greatest causes of trial delays. TMF management, a critical building block to information exchange, was also a bright spot as most CROs now utilize eTMF applications with advanced digital and collaboration capabilities (70%, up 49 percentage points from 2014). Another area is CTMS, where CROs are moving to modern solutions to improve compliance with standards, visibility into trial status, and monitoring.

"The industry executed with unprecedented innovation and speed in response to the pandemic, and looking ahead, there is an opportunity to take those learnings to drive long-term improvements that can speed clinical research," said Jim Reilly, vice president, Vault R&D at Veeva Systems. "It is encouraging to see the advances CROs are making to enable the shift to a unified clinical landscape that can help make this a reality.”

The Veeva Unified Clinical Operations Survey: Annual CRO Report examines CROs’ progress toward modernizing clinical operations by gathering the experiences and opinions of CRO respondents around the globe. The annual research details the drivers, barriers, and benefits of a unified clinical operating model from a CRO perspective. It also tracks the industry's progress to unify clinical trial systems and processes and increase stakeholder engagement throughout study execution. The full report is available online at veeva.com/CROReport.

About Veeva Systems

Veeva is the global leader in cloud software for the life sciences industry. Committed to innovation, product excellence, and customer success, Veeva serves more than 975 customers, ranging from the world's largest pharmaceutical companies to emerging biotechs. As a Public Benefit Corporation, Veeva is committed to balancing the interests of all stakeholders, including customers, employees, shareholders, and the industries it serves. For more information, visit veeva.com.

Forward-looking Statements

This release contains forward-looking statements, including the market demand for and acceptance of Veeva's products and services, the results from use of Veeva's products and services, and general business conditions (including the on-going impact of COVID-19), particularly within the life sciences industry. Any forward-looking statements contained in this press release are based upon Veeva's historical performance and its current plans, estimates, and expectations, and are not a representation that such plans, estimates, or expectations will be achieved. These forward-looking statements represent Veeva's expectations as of the date of this press announcement. Subsequent events may cause these expectations to change, and Veeva disclaims any obligation to update the forward-looking statements in the future. These forward-looking statements are subject to known and unknown risks and uncertainties that may cause actual results to differ materially. Additional risks and uncertainties that could affect Veeva's financial results are included under the captions, "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations," in the company's filing on Form 10-Q for the period ended October 31, 2020. This is available on the company's website at veeva.com under the Investors section and on the SEC's website at sec.gov. Further information on potential risks that could affect actual results will be included in other filings Veeva makes with the SEC from time to time.

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FAQ

What is the focus of the Veeva Unified Clinical Operations Survey for 2021?

The survey focuses on CROs' efforts to modernize clinical trials through digital strategies and enhance collaboration.

How is COVID-19 impacting clinical trial processes according to Veeva?

COVID-19 has accelerated the need for faster execution and greater precision in clinical trials.

What percentage of CROs have initiatives to unify clinical operations?

90% of surveyed CROs have major initiatives underway to unify their clinical operations.

What technology improvements are CROs making for clinical trials?

CROs are adopting eTMF applications and modern solutions to enhance compliance, visibility, and reduce trial delays.

Where can I find the full Veeva Unified Clinical Operations Survey report?

The full report is available online at Veeva's website.